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US financial shares have vastly underperformed their healthcare cousins in this current cycle since the 2008 financial crisis. But momentum is now shifting given the repricing of inflation and interest rate expectations.

AUD has been liquidated over last few trading sessions, despite better economic data and momentum than New Zealand, including on the inflation front. Furthermore, we've had one of the most constructive statements from the RBA in a long time.

The AUD is under pressure after a few recent weak economic data points. Many US event risks and the potential for tax reform, on the other hand, have the risks skewed to the upside for the USD. After the recent capitulation in AUDUSD through an important pivot area, we go short the pair for a further decline into its old trading range.

Casino stocks have outperformed the market over the past 18 months with the Hong Kong listed shares doing very well and with Galaxy Entertainment up 160% since early 2016. But things are cooling and we are recommending selling Galaxy shares based on the stock being overvalued and a potential sentiment shift due to fewer visitors.

Near term currency technicals favour US dollar strength, with euro looking set for a tactical pullback to the 1.16/1.15 levels. The market continues to be extremely short the USD. While we've seen a few back to back weeks of a grind up, we have still not seen a USD squeeze.

HG copper weakened on Friday despite the tailwind from a weaker dollar. This the first sign of weakness following a 26% that arguably saw the price run ahead of short-term fundamentals. Having made a small retracement today, we enter a short position with a relatively tight stop.